US Treasury Secretary: Facebook's Libra must develop appropriate safeguards

US Treasury Secretary: Facebook's Libra must develop appropriate safeguards

According to CoinDesk reporter Nikhilesh De, at the press conference on cryptocurrency, US Treasury Secretary Steve Mnuchin said, "Encryption has always been associated with cybercrime, extortion, ransomware, etc. The currency side has been at the forefront and will not allow digital asset service providers to basically violate the law. Facebook says its service providers must follow the KYC/AML/BSA/etc wrt encryption service. It should be noted that FinCEN will put anything with Libra. Entities that trade with encryption are placed under the highest standards, and the United States welcomes responsible innovation, including technologies that may improve the financial system… Having said that, the primary goal of Facebook's Libra and other cryptocurrencies should be protection (finance) System) is protected from abuse.

We have had a number of regulatory body meetings with Facebook representatives to address our concerns. To a certain extent, Facebook can launch appropriate “anti-money laundering measures” (etc.), but they must convince us. Before the Ministry of Finance and other aspects are satisfied, Facebook still has a lot of work to do. “He added that he believes that Facebook has always been “frank” to the government. A reporter asked: “Is the purpose of the new regulations beneficial to banks? Mnuchin replied: "No, this is a level playing field." ”